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Grocery store will replace Broad Street betting parlor

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Lidl paid $3.4 million for the shuttered off-track wagering center at 4700 W. Broad St.

RICHMOND, Va. — A German grocer is betting big on prime real estate near the Richmond and Henrico County line.

Lidl this month paid $3.4 million for the shuttered Colonial Downs off-track wagering center at 4700 W. Broad St., where it plans to build a new store.

Spokesman Will Harwood said the existing structure will be razed, though he would not disclose the construction timeline. Cushman & Wakefield | Thalhimer broker Richard Thalhimer represented the seller, Colonial Downs LP.

Lidl has had its eye on the 3.72-acre property since at least last year, when it filed preliminary plans with Henrico County to build a store on the site.

Read more on RichmondBizSense.